• 2024 Issued Standard – IAS 20
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.

Government grants are recognised only where it is reasonably certain that an entity will comply with conditions attached to the grant.

• Grants are recognised as income over the period necessary to match them with related costs for which they are intended to compensate. Grants are not recognised in equity.
• A grant receivable as compensation for expenses already incurred is recognised as income when it becomes receivable.
• A grant related to assets is presented in the statement of financial position either as deferred income or as a deduction from the carrying value of the related asset.
• A grant related to income may be presented as an item of income or deducted in reporting the related expense.
• Where grants become repayable, they are treated as a change in estimate.

All amendments issued up to and including 31 December 2023 are included within the IFRS Foundation’s latest version of the issued standard: 2024 Issued Standard – IAS 20. Issued amendments may have a mandatory effective date that is later than 1 January 2024 – see individual amendments for details.

Any amendments issued on or after 1 January 2024 will not be included in the IFRS Foundation’s 2024 Issued Standards but will be listed below and identified as such.

See the Corporate Reporting Faculty’s annual IFRS factsheets for a more detailed discussion of recent IFRS amendments.

• IFRIC 12 Service Concession Arrangements
  Accounting guidance for arrangements where a contract is granted for the supply of public services such as roads.
• IFRIC 21 Levies
  Provides guidance on when to recognise a liability for a levy imposed by a government. 
• SIC 10 Government Assistance – No Specific Relation to Operating Activities
  Government assistance aimed at long-term support of business activities in certain regions or business sectors meets the IAS 20 definition of government grants.

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.